HCMC — Petrovietnam Gas Joint Stock Corporation (PV GAS) and PV GAS Trading have secured liquefied petroleum gas (LPG) supply through May this year, with a 90,000-ton import surge, offsetting a severe global shortage caused by the near-total blockage of the Strait of Hormuz.
To bypass the Middle East turmoil, which has doubled LPG prices and sent Asian premiums skyrocketing to 15 times pre-conflict levels, PV GAS took delivery of 5,000 tons from the U.S. on March 17, followed by nearly 38,000 tons from Australia aboard the Clipper Vanguard on March 20.
An additional 48,000 tons from the U.S. is scheduled to arrive in April, along with smaller monthly shipments to meet most of May’s demand.
Beyond diversifying imports from the U.S. and Southeast Asia, PV GAS is maximizing domestic gas mobilization and adjusting processing plant operations to increase LPG and condensate output. Despite the sharp surge in global LPG prices being triggered by the Middle East conflict, PV GAS is committed to keeping domestic selling prices stable.
